Global Entertainment and Media Forecast 2025-2029: Highlights for Hong Kong

Hong Kong and Global E&M Outlook

This article discusses the “Global Entertainment & Media Outlook 2025-2029: Hong Kong summary” report by PwC released in August 2025. It provides five-year forecasts on consumer and advertising expenditure across 12 segments and 54 regions, which include the United States, the UK, Mainland China, and Hong Kong, among others. The 12 market segments analysed consist of artificial intelligence (AI), mixed reality, esports and video games, traditional TV, out-of-home advertising (OOH), over-the-top (OTT) video, books, magazines and newspapers, podcasts, music and radio, internet advertising, internet data consumption, cinema, and business-to-business (B2B).

In 2029, global E&M revenue is projected to reach US$3,509 billion, with Hong Kong expecting US$15 billion, reflecting compound annual growth rates (CAGRs) of 3.66% and 2.26%, respectively, compared to 2024. A significant trend is the shift from consumer to advertising spending. Hong Kong’s Entertainment and Media firms are increasingly favouring advertising and subscription models, responding to demand for engaging digital experiences. The Internet advertising and OTT video sectors are anticipated to be key growth drivers in Hong Kong, with CAGRs of 7.4% and 4.6% until 2029.

Rising international trade tensions and challenges in consumer spending on E&M goods are creating significant obstacles for the sector. To adapt, businesses are expected to leverage AI for efficiency and invest in high-growth areas like gaming and live events. Advertising expenditure is predicted to grow three times faster than E&M consumer spending, driven largely by AI-driven hyper-personalisation. Non-digital categories such as live music and events are projected to account for 61% of sector income by 2024, while global movie theatre receipts are forecasted to rise to US$41 billion by 2029. Global video game sales are expected to exceed combined film and music sales, climbing to US$295 billion by 2029. By then, advertising revenues are projected to be US$300 billion more than consumer spending, highlighted by significant growth in Internet advertising, which is driving Hong Kong’s E&M sector towards an income exceeding US$15 billion.

Spending on advertising is increasing as consumer behaviour shifts towards digital platforms and streaming services, leading to a decline in traditional media consumption. As consumer preferences evolve, businesses are required to deliver high-quality content and services to attract spending, emphasizing immersive and personalized experiences. The primary drivers of advertising growth in Hong Kong are Internet advertising, cinema, and video games & esports, with respective growth rates of 7.4%, 5.6%, and 3.8% CAGR.

Overview of Hong Kong and segment analyses

Segments of Hong Kong’s E&M sector exhibit a steady annual increase, which has thrived amid fluctuating economic conditions. This year, internet advertising is the primary driver of growth, with OTT video and movie divisions also contributing significantly. Conversely, the printed media industry continues to decline as digital advertising surpasses other channels.

Internet advertising

Hong Kong’s internet advertising income is projected at US$1.8 billion in 2024, with CAGR of 7.4% expected to reach US$2.6 billion by 2029. Video advertising, growing at 8.5%, is the fastest segment and will claim 29.3% of the market by 2029. Global video advertising is set to rise at a CAGR of 10.32%, spotlighting video ads as a key driver in the evolving online advertising landscape. Major players like Meta and Google dominate the market dynamics in Hong Kong.

OTT video

The OTT video market in Hong Kong is projected to grow at a CAGR of 4.6% from 2024 to 2029, with revenues climbing from US$490 million in 2024 to US$613 million in 2029. Local services such as ViuTV and MyTV Super compete with major platforms like Netflix and Disney+, striving for differentiation through region-specific content. Subscription video on demand (VOD) platforms will dominate, making up over 80% of OTT revenue by 2029, with their income expected to rise at a CAGR of 5.08%.

Cinema

Despite fluctuations, Hong Kong’s film industry is projected to grow, with box office receipts increasing from US$172 million in 2024 to US$210 million by 2029. The Hong Kong Film Development Council launched a new financing scheme in January 2025 to further support the industry. The average movie ticket price in Hong Kong was US$10.36 in 2024, indicating a robust market for cinema. Overall, the sector is expected to grow at a 4.14% CAGR through 2029.

Live music

Hong Kong’s live music industry is projected to generate US$207 million in 2025, up from US$193 million in 2023, with further growth anticipated to reach US$218 million by 2029. The opening of the New Kai Tak Stadium in March 2025 and government support are key factors in this resurgence. The new stadium is expected to bring more global artists to Hong Kong, enhancing tourism and revenue.

Generative AI

Connected TV exemplifies the transformative effect of generative artificial intelligence (GenAI) on advertising within the E&M sector. GenAI facilitates hyper-personalized advertisements, driving rapid growth in connected TV advertising revenue, which is projected to escalate from 5.9% in 2020 to 22% by 2024 and potentially reaching 45% of traditional TV advertising revenues by 2029, totalling approximately US$51 billion. Furthermore, as GenAI reduces production costs and times, coupled with programmatic TV advancements, the efficiency of video advertisement creation improves, unlocking new revenue streams. Overall, AI’s role as a creativity amplifier suggests it may reshape various industries, enhance operational efficiency, and provide consumers with engaging experiences, thus paving the way for unprecedented value creation in the future.